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Nexus Medical Billing is a provider of medical billing services and solutions for the healthcare industry. Our billing services are HIPAA compliant, and designed to increase cash flow with quicker turnarounds and reduced overhead expenses. All of our clients have instant access to their billing information, which is maintained in a confidential and secure environment.
Nexus Medical Billing uses the latest technology supported by a staff of billing professionals experienced in the process of making the billing process work more efficiently for your practice. Most of our programs are web-based, thus eliminating the need for expensive hardware, software, maintenance, or upgrades.
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The TRUE Cost of In-House Billing:
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The American Medical and Dental Associations report the cost of paper claims processing ranges from $6 - $12 per claim in labor and overhead. And, the AMA reports that paper claims submission errors average 33%. Furthermore, 15% of claims that are denied are never resubmitted.
To combat the staggering cost of paper claims processing, most major insurance carriers are now encouraging Electronic Claims Submission (ECS). ECS cost 20-60% less than paper claims processing. In addition, insurance carriers have mandated that electronic claims be reimbursed as a first priority. Medicare will even pay electronic claims in 11 days or less!!!
Other major insurance carriers like Blue Cross/Blue Shield are following new standards for electronic claims processing and are beginning to charge for paper claims. WHY? Because it saves over $300 million per year.
Allow Nexus Medical Billing to save you money and time. Receive your payments PROMPTLY!!!
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The Biggest Costs Never Show Up On A Financial Report!
Look no further than the billing & collections-related expenses listed on an expense report and you are missing two of the biggest costs preventing your practice from maximizing profits: productivity and opportunity costs.
You know exactly what you are paying out in billing & collections-related wages and benefits but how do you measure the productivity you are getting in return? Think of your staff's productivity in terms of the revenues generated for every staffing hour devoted to billing & collections-related activities. Opportunity cost refers to all monies spent on billing & collections-related expenses that could otherwise be reinvested in your practice.
For example, the Happy Valley Medical Clinic (HVMC) has annual reimbursements of $375,000.
The office devotes 1,820 hours per year for billing & collections-related activities.
The hourly productivity = $206/hour ($375,000/1,820). Not only is HVMC's productivity $206/hour; HVMC is losing $206 for every staffing hour not used due to vacations, sick days, turnover, training, etc.
We encourage you to take time to compute your in-house billing & collections-related costs. Determine & total the costs of the following components:
• Payroll wages & benefits
• Computer hardware & software
• Technical support & maintenance contracts
• Printer supplies
• Telephone/Internet
• Clearinghouse costs
• CMS 1500 forms
• Postage
• Lost productivity
• Uncollected aged claims > 60 days
• Divide total expenses by revenues to determine your billing & collections costs as a percentage to revenues.
Next, call us at 770-783-1985 and let us not only show you how much money you'll save but how much more of a profit you will generate by outsourcing your billing & collections to Nexus Medical Billing.
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